by Stephen Carter
Sep 15, 2020 12:18 PM ET
SPCM SA (SNF Floerger) (SNFF) EUR700m 144A/Reg S sr notes 2-part. NR/B+ (--/stable). Via BNPP physical books/CA joint books, BofA, Natixis, Soc Gen as co-managers. No reg rigths. NY law. List Lux. Settles 09/24 (T+7).
- EUR350m (from EUR300m minimum) due 02/01/26 (5.4y). NC2 (MWC B+50bp), then at 101.00, 100.50, 100. Equity claw: 2y 35% at 102.00. Reg S ISIN: XS2234515786. Px talk: 2.25% area. Final guidance: 2.00%-2.125% WPIR. Priced: 2.00% at 100. +270bp vs DBR 0.5% 02/15/26.
- EUR350 (from EUR300m minimum) due 02/01/29 (8.4y). NC3 (MWC B+50bp), then at 101.313, 100.656, 100. Equity claw: 2y 35% at 102.625. Reg S ISIN: XS2234516164Px talk: 2.875% area. Final guidance: 2.625%-2.75% WPIR. Priced: 2.625% 100. +321bp vs DBR 0.25% 02/15/29.
Did investor call at 10am UKT today. Books closed at 1:30pm UKT today. Orders were to be reconfirmed by 2:45pm UKT today. UOP: along with cash on hand, to redeem its EUR550m 2.875% sr notes due 06/15/23 (callable at 100), repay revolver. Biz: parent of SNF Floerger, a specialty chemicals producer and the worlds largest producer of polyacrylamide. HQ: Saint-Etienne, France.